Stone India to tap ASEAN rail market

MUMBAI: Stone India Ltd on Friday said it is all set to enter the ASEAN market with Malaysia-based Telewira Tegas SDN BHD, as its exclusive agent for a turnkeay project work for Malaysian Railways.

The turnkey project would deal in freight car, passenger coach, locomotive upgradation and maintenance for Malaysian Railways, the company informed the Bombay Stock Exchange.

The company also entered into a separate agreement with Malaysia-based railway engineering solution provider SMH Rail Sdn Bhd for transfer of technology and testing of selective air brake components in Malaysia in order to supply products for the turnkey project, it added.

The company expects to procure the initial orders from Malaysian Railways during the current financial year, it said.

The shares of the company that supplies brake systems, train lighting alternators for the railroad industry were trading at Rs 203, up 2.37 per cent on BSE.